Bank of Kigali Reports Rwf5.6 billion Profit

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Bank of Kigali posted a 31.9 percent growth in after tax profit to Rwf5.6 billion for the first quarter ending March 31, 2017.

The bank’s net interest income rose by 11.4 per cent quarter-on-quarter to Rwf14.2 billion as a result to an increase in gross loan book which rose by 24.5 per cent.

Total assets grew by 3.6 per cent (quarter-on-quarter) and 13.9 per cent (year-on-year) to Rwf661.6 billion ($796.2 million) as of March 31, 2017.

BK tax rose by 2.8 per cent year-on-year, while its total assets increased by 13.9 per cent year-on-year.

However, the bank’s operational cost, rose by 2.3 per cent during the first quarter to Rwf10.6 billion.

In spite of that, the lender’s profit before tax in the first three months of the year amounted to Rwf7.9 billion, an increase of almost 55.5 per cent quarter-on-quarter and 2.8 per cent year-on-year.

As Rwanda’s the economy promises to pick up this year Bank of Kigali boosted its lending muscle with total assets reaching Rwf661.6 billion, up by 13.9 per cent year-on-year.

The growth in assets was on account of the bank’s loan book, which surged by 10.3 per cent to Rw438 billion, with net loans rising by Rw426 billion.

The bank’s growth is from its retail and corporate customer base, which stood at over 241, 30 and 25,100, respectively.

Bank of Kigali spread its wings across the country with 79 branches, 93 ATMs and 1,038 point of sale terminals.

The expansive network helped the bank mobilise clients’ balances and deposits which increased to Rwf95.0 billion during the period under review, an 8.4 per cent increase year-on-year.

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